JPMorgan Launches Tokenised Fund

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Market Snapshot: Overnight Moves

Daily Updates:

• This weekend was not particularly quiet for crypto, as BTC held around $90K for much of the weekend before dipping to $88K last evening. It has since stabilised and is now trading near $89K, up +1.89% over the past 24 hours.
• ETH traded broadly around $3.1K through the weekend, briefly decreased to the $3K level last evening, and then rebounded early this morning back above $3.1K, up +2.80% over the past 24 hours.

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• The lacklustre moves reflect tepid interest in ETFs last week. Despite flashes of positivity (and the net inflow of $286.6M), US spot BTC ETF inflows still report a -$1.4B outflow over the last 4 weeks of trading.
• ETH inflows similarly recorded a $209.1M inflow over the full week, with -$221M lost over the last 4 weeks.

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• This week we will see a lot of important macro releases from the US.
• Tuesday brings October Retail Sales alongside the November Jobs Report. Thursday follows with the November CPI, and the week ends on Friday with the October PCE and the University of Michigan’s inflation expectations and consumer sentiment.
• There will also be 5 Fed speaker events throughout the week, including two key FOMC who will shed light on their Dec 10 decision and outlook for monetary policy.
• Gov Stephen Miran (voting member) is due to speak at 9.30am ET on “The Inflation Outlook” today.

• Similarly Goc Christopher J. Waller is due to give his “Economic Outlook” on Wednesday at 8.15am ET.

• CME fedwatch odds for Jan 2026 meeting now at 73.4% of a pause from the Dec 10 FOMC meeting.
• Markets see 3 rate cuts as most likely (polymarket odds) but dispersion in views is high, as it was in FOMC’s own SEP released at the meeting
• The SEC is also hosting a roundtable on privacy issues in the crypto industry today, which will be available to the public. 

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• JPMorgan Chase is launching its first tokenised money-market fund.
• The new private vehicle - called My OnChain Net Yield Fund (“MONY”) - is operated by the bank’s $4T asset management division and runs on the Ethereum blockchain.
• JPMorgan will seed the fund with $100M of its own capital before opening it to qualified investors, defined as individuals with at least $5M and institutions with $25M in investable assets, with a $1M minimum investment.
• The fund leverages Kinexys Digital Assets, JPMorgan’s proprietary tokenisation platform, and allows investors to subscribe through its Morgan Money portal - receiving digital tokens in their crypto wallets in return. 

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• The Bank of England is expected to deliver another cut to interest rates from 4% to 3.75% on Thursday, December 18.
• Also in the UK, the Treasury states it plans to legislate by 2027, according to the Guardian, to regulate crypto assets under the same broad framework as other financial products, with standards overseen by the FCA, aiming to increase transparency, strengthen consumer protections, and make it easier to detect suspicious activity and hold firms accountable.

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• Brazil’s largest private bank, Itaú Unibanco, is leaning further into mainstream crypto allocation guidance – in a recent note, a partner at Itaú Asset Management recommended a “calibrated” 1%–3% portfolio allocation to Bitcoin.
• The note also points investors to the group’s BITI11 product, an ETF providing BTC exposure that launched on Brazil’s B3 via the Galaxy Digital-Itaú Asset partnership.
  
  

• Tether had submitted a binding €1 billion all-cash proposal to acquire Exor’s entire 65.4% stake in Juventus Football Club, with plans, subject to regulatory approval, to launch a fully funded public offer for the remaining shares at the same price. The proposal outlined a long-term commitment to the club and was to be financed entirely from Tether’s own capital. 
• Exor’s Board of Directors unanimously rejected the “unsolicited proposal”, formally declining to sell its shareholding in Juventus. In its latest response, Exor reiterated its longstanding position that it has no intention of divesting any Juventus shares to a third party, including Tether.

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• YouTube has enabled US based creators to collect their payouts using PayPal’s PYUSD stablecoin.
• Building on the growing use of PYUSD, State Street Investment Management and Galaxy Asset Management have announced plans to launch a new tokenized private liquidity fund, the State Street Galaxy Onchain Liquidity Sweep Fund launch SWEEP, designed to bring traditional cash management onchain. Each onchain  token represents ownership in a pool of cash and short-term instruments that earn yield and are professionally managed.
• The fund will use PYUSD as the onchain settlement rail for subscriptions and redemptions and is restricted to users who meet minimum investment thresholds. 
• Ondo Finance is expected to provide an initial seed investment of around $200M and the fund is expected to launch on Solana in early 2026, with future expansion to other blockchains.

This Week’s Calendar:

Charts of the Day:

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